home Latest News Agri-commodity: Low demand drags cardamom, mentha oil down – Economic Times

Agri-commodity: Low demand drags cardamom, mentha oil down – Economic Times

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Mentha oil prices drifted lower by 0.80 per cent to Rs 1,152 per kg in futures trade today as speculators trimmed positions, driven by sluggish demand from industries at the spot market.

Besides, ample stocks position on higher supplies from producing regions too influenced mentha oil prices.

At the Multi Commodity Exchange, mentha oil for delivery this month traded lower by Rs 9.40, or 0.80 per cent, to Rs 1,152 per kg, in a business turnover of 638 lots.

On similar lines, the oil for delivery in September declined by Rs 7.50, or 0.64 per cent, to Rs 1,166.50 per kg in 99 lots.

Analysts said offloading of positions by participants due to subdued demand from consuming industries at the spot market against ample stocks position on higher supplies from Chandausi in Uttar Pradesh mainly led to the decline in mentha oil prices in futures trade.

Cardamom
Cardamom prices fell 0.95 per cent to Rs 1,085 per kg in futures trade today as speculators booked profits at prevailing levels amid easing demand in the spot market.

Besides, sufficient stocks on higher arrivals from the major producing regions too weighed on the prices.

At the Multi Commodity Exchange, cardamom for delivery in September contract fell by Rs 10.40, or 0.95 per cent, to Rs 1,085 per kg, in a business turnover of 53 lots.

Similarly, the spice for delivery in October edged down by Rs 7.80, or 0.74 per cent, to Rs 1,045.90 per kg, with trading volume of just one lot.

Marketmen said besides profit-taking by speculators at existing levels, increased arrivals from producing regions, mainly put pressure on cardamom prices in the futures market.

Crude palm oil
Crude palm oil prices were higher by 0.68 per cent to Rs 486.60 per 10 kg in futures trade today as traders created fresh positions, supported by pick up in demand at the spot market.

Moreover, a tight stock position because of fall in supplies from producing belts fuelled the uptrend.

At Multi Commodity Exchange, crude palm oil for delivery in August rose by Rs 3.30, or 0.68 per cent, to Rs 486.60 per 10 kg, in a business turnover of 170 lots.

Similarly, the oil for delivery in September month went up by Rs 3.10, or 0.64 per cent, to Rs 486.80 per 10 kg in 121 lots.

Analysts said building up of positions by participants driven by pick-up in demand at the spot market against restricted supplies from producing regions mainly kept crude palm oil prices higher in futures trade.